Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
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News Article From: 04-16-2007

The first article, Foreclosures rocket in Valley, from the Arizona Republic, reports that last month, 553 families lost their homes to foreclosure, a four-year high, according to Information Market, a property-record research firm. At the same time, 1,705 homeowners received notices from their lenders that they were at least three months behind on their mortgages. In March 2006, 782 homeowners were delinquent, but only 40 homes were taken back by lenders and sold at a foreclosure or trustee sale. The Valley's housing market could take a hit if lenders try to resell foreclosed homes quickly by cutting prices. Too many foreclosures in one neighborhood can pull the area's home values down. "Our economy isn't bad, but foreclosures will continue to rise," said Jay Butler, director of Realty Studies at ASU. "The fallout from the subprime market is just beginning," he added. In metro Phoenix, foreclosures are still low compared with other states, like Florida and Michigan, which lead the nation in foreclosures.




The second article, Out-of-state homebuilders entering cooling Arizona market, from the East Valley Tribune, reports that several out-of-state homebuilders have entered the Arizona market, seeing the current slump as an ideal time to jump in. The three new homebuilders; Pennsylvania-based Orleans Homes, Canada-based Mattamy Homes, and California-based John Laing Homes have all either started developments or are looking for property. "Arizona has always been considered one of the better housing markets in the United States," said Ray Leppien, president of Orleans' local division. Arizona's market isn't as robust as it was a year or two ago, but a tremendous number of homes are still being built here compared with other states, said Elliot Eisenberg, an economist with the National Association of Homebuilders.




The third article, Zillow.com estimates draw fire, state ban, from the Arizona Republic, reports that the Arizona Board of Appraisal has issued two cease-and-desist letters to the popular real estate web site Zillow.com, claiming Zillow needs an appraiser license to offer its "zestimates" in Arizona. "It's the board's feeling that (Zillow) is providing an appraisal," said Deborah Pearson, Board of Appraisal executive director. Seattle-based Zillow.com has been popular since it launched in February 2006 and claims 4 million users a month. It has drawn criticism from real estate professionals and others about accuracy. "We strongly believe that providing 'zestimates' in Arizona is completely legal and in fact an important public service, given that (they) are the result of our 'automated valuation model' and are not a formal appraisal," said Zillow president Lloyd Frink.



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